CFTC Chairman Testifies on Prediction Markets, Leaving Industry in Limbo

Selig defers to ANPRM process, raising concerns over single-commissioner decision-making.

Apr. 17, 2026 at 4:27pm

Got story updates? Submit your updates here. ›

A photorealistic studio still life featuring a stack of government documents, a gavel, and a pair of reading glasses, conceptually representing the regulatory oversight and decision-making process surrounding the prediction markets industry.As the CFTC weighs the future of prediction markets, a single commissioner's decisions could reshape the industry's competitive landscape.NYC Today

CFTC Chairman Michael Selig testified before Congress on April 16, repeatedly deferring to the ANPRM process and declining to prejudge critical questions around the regulation of prediction markets like Kalshi. While Selig announced a zero-tolerance policy for fraud and manipulation, he left the industry uncertain about the CFTC's future rulemaking as the sole sitting commissioner.

Why it matters

The CFTC's regulation of prediction markets will have major implications for platforms like Kalshi, as well as the broader sports betting industry. With Selig as the lone commissioner, his decisions during the ANPRM process and subsequent rulemaking could significantly impact the competitive landscape and legal status of event contracts across the country.

The details

The Advance Notice of Proposed Rulemaking (ANPRM) published by the CFTC on March 12, 2026 seeks public input on a wide range of issues, including which types of event contracts should face heightened scrutiny, how to handle inside information, and how existing market principles should apply to prediction platforms. The comment period closes on April 30, 2026, after which the CFTC will begin drafting actual rules. Throughout the hearing, Selig refused to prejudge specific outcomes, frustrating some members of Congress who pressed him on conflicts of interest and the agency's enforcement posture.

  • The CFTC published the ANPRM on March 12, 2026.
  • The comment period for the ANPRM closes on April 30, 2026.
  • Selig testified before the House Committee on Agriculture on April 16, 2026.

The players

Michael Selig

The current Chairman of the Commodity Futures Trading Commission (CFTC), who is the sole sitting commissioner at the agency.

Kalshi

A prediction market platform that offers event contracts, which are at the center of the CFTC's regulatory scrutiny.

Angie Craig

The Ranking Member of the House Committee on Agriculture, who pressed Selig on the CFTC's rulemaking process.

David Miller

The new Director of Enforcement at the CFTC, who Selig cited as part of the agency's efforts to crack down on fraud, manipulation, and insider trading.

Got photos? Submit your photos here. ›

What they’re saying

“We know we need to do something here, and we want to understand the landscape before we commit to specific requirements.”

— Michael Selig, CFTC Chairman

“The American people cannot wait for the administration to nominate additional commissioners.”

— Michael Selig, CFTC Chairman

What’s next

The CFTC will review the public comments submitted by the April 30 deadline and begin drafting new rules to regulate prediction markets. As the sole sitting commissioner, Selig's decisions during this process will be closely watched by the industry and Congress.

The takeaway

The CFTC's regulation of prediction markets is at a critical juncture, with the agency seeking public input through an ANPRM process led by a single commissioner. The outcome of this rulemaking will have far-reaching implications for platforms like Kalshi, as well as the broader sports betting landscape, particularly in states where traditional sportsbooks are not yet legal.